Goodall Leaving Innovation Works to Join Redleaf

PITTSBURGH, May 9 /PRNewswire/ -- Innovation Works, Inc., a community-
funded entrepreneurial development and support organization, today announced
that Doug Goodall will be ending his role as Chief Executive Officer (CEO) of
Innovation Works to join the Pittsburgh offices of Redleaf LLC, an Internet
operating and investment company.
(Photo: http://www.newscom.com/cgi-bin/prnh/19991012/PHTU030 )
"Over the past 18 months I have truly enjoyed the opportunity, challenge,
and accomplishments offered by the role that I have played with the Innovation
Works team, its board, and the community," said Mr. Goodall. "As I look back
at what we have all achieved, I am proud to have been a part of the process.
Innovation Works is a true demonstration of community-based economic
development."
Mr. Goodall's move to Redleaf reflects a key component of Innovation
Works' strategy to recruit proven, senior management talent from the private
sector who serve for one to two years, then return to the local
entrepreneurial community.
"Innovation Works was founded on the idea that the best ideas for
supporting entrepreneurship come from entrepreneurs like Doug. We were very
fortunate to have someone like him driving the organization during our start-
up and are pleased that he will continue to be an active participant in the
region's growing technology community in his new assignment," said Mr. William
Hulley, Chairman of the Innovation Works board of directors.
In its first year of operation, Innovation Works funded 27 regional,
early-stage technology companies with investments totaling $5.2 million. It
has also established an on-line regional entrepreneurial support center to
assist entrepreneurs, service providers, volunteer mentors, and local
investors (www.innovationworks.org). A pilot mentoring program for first-time
CEOs of Innovation Works' portfolio companies has been launched. Innovation
Works has also partnered with Lycos Corporation to initiate a formal
university internship program to students and early-stage technology
companies. The organization is an active promoter of community-based
collaboration in economic development, working with regional universities and
agencies such as the Pittsburgh Technology Council, SPIRC, PRA, and the
Allegheny Conference.
The Department of Economic Development of the Commonwealth of
Pennsylvania, alongside regional foundations, has supplied the majority of
funding for Innovation Works.
The Innovation Works board of directors has formed a search committee to
recruit a new CEO. Mr. Goodall will continue to act in the capacity of CEO
during the recruitment process.
About Innovation Works
Innovation Works' mission is to increase the new enterprise success rate
in southwestern Pennsylvania by insuring that high-potential technology
companies have efficient access to the right people, expertise, and risk
capital. Innovation Works invests in firms that develop high-technology
products or services; have fewer than 100 employees; and reside in Allegheny,
Armstrong, Beaver, Butler, Fayette, Greene, Lawrence, Washington or
Westmoreland county. Please call 412-681-1520 or visit
www.innovationworks.org for more information.

SOURCE Innovation Works, Inc.

PITTSBURGH, May 9 /PRNewswire/ -- Innovation Works, Inc., a community-
funded entrepreneurial development and support organization, today announced
that Doug Goodall will be ending his role as Chief Executive Officer (CEO) of
Innovation Works to join the Pittsburgh offices of Redleaf LLC, an Internet
operating and investment company.
(Photo: http://www.newscom.com/cgi-bin/prnh/19991012/PHTU030 )
"Over the past 18 months I have truly enjoyed the opportunity, challenge,
and accomplishments offered by the role that I have played with the Innovation
Works team, its board, and the community," said Mr. Goodall. "As I look back
at what we have all achieved, I am proud to have been a part of the process.
Innovation Works is a true demonstration of community-based economic
development."
Mr. Goodall's move to Redleaf reflects a key component of Innovation
Works' strategy to recruit proven, senior management talent from the private
sector who serve for one to two years, then return to the local
entrepreneurial community.
"Innovation Works was founded on the idea that the best ideas for
supporting entrepreneurship come from entrepreneurs like Doug. We were very
fortunate to have someone like him driving the organization during our start-
up and are pleased that he will continue to be an active participant in the
region's growing technology community in his new assignment," said Mr. William
Hulley, Chairman of the Innovation Works board of directors.
In its first year of operation, Innovation Works funded 27 regional,
early-stage technology companies with investments totaling $5.2 million. It
has also established an on-line regional entrepreneurial support center to
assist entrepreneurs, service providers, volunteer mentors, and local
investors (www.innovationworks.org). A pilot mentoring program for first-time
CEOs of Innovation Works' portfolio companies has been launched. Innovation
Works has also partnered with Lycos Corporation to initiate a formal
university internship program to students and early-stage technology
companies. The organization is an active promoter of community-based
collaboration in economic development, working with regional universities and
agencies such as the Pittsburgh Technology Council, SPIRC, PRA, and the
Allegheny Conference.
The Department of Economic Development of the Commonwealth of
Pennsylvania, alongside regional foundations, has supplied the majority of
funding for Innovation Works.
The Innovation Works board of directors has formed a search committee to
recruit a new CEO. Mr. Goodall will continue to act in the capacity of CEO
during the recruitment process.
About Innovation Works
Innovation Works' mission is to increase the new enterprise success rate
in southwestern Pennsylvania by insuring that high-potential technology
companies have efficient access to the right people, expertise, and risk
capital. Innovation Works invests in firms that develop high-technology
products or services; have fewer than 100 employees; and reside in Allegheny,
Armstrong, Beaver, Butler, Fayette, Greene, Lawrence, Washington or
Westmoreland county. Please call 412-681-1520 or visit
www.innovationworks.org for more information.
SOURCE Innovation Works, Inc.